Braze downgraded to Neutral from Buy at UBS

UBS downgraded Braze to Neutral from Buy with a price target of $35, down from $40. Feedback from six checks was mixed, and the firm walked away more cautious on the near-term outlook for Braze, mostly due to more pronounced competition commentary than in the past, the analyst tells investors in a research note. The firm worries that a rise in competitive comparisons could at minimum create noise in purchasing decisions and delay deals, and says it is possible that it could exacerbate headwinds from moderating customer engagement spend amid the tougher macro.